SwissBanking
The online magazine of the Swiss Bankers Association
June 30, 2015

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We don't need a Swiss Finish which distorts competitiveness

We don't need a Swiss Finish which distorts competitiveness

Dear readers

The Swiss financial centre has stood for tax-compliance since 2009.

The following buzzwords are proof of this: OECD 26 (2009), recommendations from the SBA regarding tax compliance for cross-border business (2013), FATCA (2013), tax crimes as a predicate offence to money laundering (FATF recommendations), and a clear commitment to the introduction of the international automatic exchange of information (2014). We have been adhering to all international standards relating to tax matters for the past six years. Nothing less, but also nothing more. And this will continue to apply. That is why we have also always rejected Swiss solo-efforts pertaining to additional measures for the verification of tax compliance (taxed assets strategy). The Swiss Federal Council’s attempts to incorporate something of the sort into the Anti-Money Laundering Act (AMLA) in 2013 and into the Financial Institutions Act (FinIA) in 2014 were successfully defeated. The Federal Council is now making a third attempt to embed the taxed assets strategy in the Anti-Money Laundering Act. The verdict is still out on this, but our position is clear. The Swiss financial centre does not need a Swiss Finish, which distorts competitiveness, is not understood by anyone outside of Switzerland, would constitute a foreign body in the Anti-Money Laundering Act, and would require a significant amount of time and outlay.